A new study from How Much, using Zillow home price data, found five states where home shoppers can afford to buy a home with an annual income of roughly $40,000.
The lowest minimum annual income in the study was $38,320, necessary to buy a home in West Virginia where the average home value is $149,500. Each of the five states in the study were in the Midwestern or the Southern United States. CNBC reports that in Missouri, one would need to make at least $42,200 to afford the average home value, $165,900.
"Our map creates a quick snapshot of housing across the United States," writes How Much. Even though there are certain high-profile states where finding a home could be more difficult, "the best takeaway is that housing remains affordable in large swaths of the country." Using a mortgage calculator, How Much calculated monthly payments, including the principal and the interest for an assumed home loan.
Advertisement
Related Stories
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Affordability
What Is the Relationship Between Urban vs. Suburban Development and Affordability?
A new paper from Harvard's Joint Center looks at whether expanding the supply of suburban housing could, in turn, help make dense urban areas more affordable
Market Data + Trends
10 States Where Home Insurance Rates Have Risen the Most
Responding to the increasing number of natural disasters, insurers are hiking prices, with some states bearing the brunt more than others
